Holistic Approach to Managing Wealth

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One Thing Every Family Desires - Harmony

We can all think of actual examples where money damaged families. If we are not careful, possessions can be the downfall of the family. Creating a “Family Stewardship Philosophy” can turn the tables on this devastating destiny.

The one thing every family desires is harmony.

Every parent wants a family atmosphere where each person loves, values and enjoys everyone as well as how their diversities blend together. Solomon, one of the wisest and wealthiest men to live, notes in Proverbs 17:1 “Better a dry crust with peace and quiet than a house full of feasting, with strife.”

In music, harmony is created when distinct coordinated notes are played simultaneously. Itis important to note a “Family Stewardship Philosophy” is a joint creation of your family, not a mandate that ishanded down from parents. It is to reflect and celebrate the unique personality and calling of each person. Remember God has blessed you with distinct members of your family, embrace the unique bents and incorporate them into shared philosophies, vision and direction.

It is also important to note harmony involves unity but do not confuse this with uniformity, where all notes are the same. Individuals must pursue their own dreams and goals. Proverbs 22:6 guides us as parents to “train a child in the way he should go”, meaning to encourage them to make great choices and to follow the unique path God has laid out for them.

Harmony is one of God’s universal themes. He gives unique gifts and perspectives to each of us, when blended together the synergy forms a whole that greatly exceeds the sum of its parts. In this way, harmony always preserves a healthy sense of individuality and freedom. To achieve harmony the separate notes need to be coordinated and synchronized, otherwise they will be out of sync with the rest of the family. Our “Family Stewardship Philosophy” is a tangible expression of our family’s unique dreams, inspiration, values and style.

Creating harmony with family money also requires a certain level of knowledge, practice and dedication. This means clarifying your knowledge and core beliefs about money, and expressing and examining them to bring them into alignment with the truth of God’s Word. Unfortunately, our default thinking will be influenced by culture more than anything else and will contain beliefs that are false. God’s Word provides over 2300 references to money and possessions. Cross examining our beliefs against these truths will help us dramatically improve the impact of our wealth.

After you clarify your core beliefs, it is time to communicate your beliefs with family members and put them on paper in a way that others can understand your convictions, objectives and intentions.

The final step is to make commitments regarding the wealth which has been entrusted to you. “Putting your money where your mouth is” demonstrates your dedication to your core beliefs and objectives, your family and to God.

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Family. Wealth. Harmony.®

Covenant Family Wealth Advisors' certified financial advisors and business succession planning experts help guide families through the technical and emotional aspects of managing wealth, estate planning and business succession. Our experienced financial management team uses a Christian perspective that is rarely found in traditional financial planning, and we work closely with you to develop a personal Holistic Stewardship Plan that encompasses financial planning, estate planning, family business transition and philanthropy.